Amy Zhang tax details: Contract work for Vipul Naik

All payment amounts are listed in current (i.e., nominal, without inflation adjustment) United States dollars (USD).

Upward recording adjustment: 2017,480.00

Downward recording adjustment: 2016,480.00

For more information on taxes, learn about Form 1040 and Form 1099-MISC.

Pass the parameter incomeForTaxPurposes in the URL to change the income used below to an arbitrary amount (example); this will use the same amount for all years.

Back to worker page

Tax situation for year 2016

Tax situation for year 2016

In the year 2016, the total payment awarded to you (your income) was $-400.00 USD, and the total money paid to you was $80.00 USD. Your upward adjustment to income (for payments from tasks completed in previous years, that was finalized in 2016) was $0.00 and the downward adjustment to income (for payments for completed tasks in that year, but finalized in later years) was $480.00. Thus, the effective income for tax purposes from contract work is $-400.00.

Here is a rough estimate for how much tax you would need to pay assuming all your income was from contract work for Vipul Naik:

Assuming you are single and can take a personal exemption: $0.00 self-employment tax (computed as 14.13% of your income) and $0.00 income tax (computed using tax rates after subtracting standard deduction, personal exemption, and half of self-employment tax from your income), totaling to $0.00.
Assuming you are single and cannot take a personal exemption: $0.00 self-employment tax (computed as 14.13% of your income) and $0.00 income tax (computed using tax rates after subtracting standard deduction and half of self-employment tax from your income) totaling to $0.00.

More details of your tax situation and how to fill your tax forms are below.

You had self-employment income for the year 2016. However, assuming that all your self-employment income was through contract work for Vipul Naik, you do not pass the threshold for filing and paying taxes. Specifically, 92.35% of your income was less than the threshold of $400. For more information, see Self-Employed Individuals Tax Center and Form 1040, Schedule SE (PDF) (Page 2, line 4c). You are also below the minimum threshold for paying income tax.